The First Step in Stratified Random Sampling Is to Identify

question 32

True/False

The first step in stratified random sampling is to identify one or more classification criteria,each of which defines one strata.

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Definitions:

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Income Elasticity

A measure of how much the demand for a product or service changes in response to changes in consumer income.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, opposite to normal goods.

Normal Good

A good for which demand increases when income increases, and falls when income decreases but price remains constant, showing a direct relationship between income and demand.